Mathematics for Economists

Course goals

Learning objectives 
At the end of the course, the student is able to:
•  Understand, control and apply elementary notions of mathematics;
•  Use mathematics to specify, analyse and quantify relationships among economic variables;
•  Recognise the economic meaning of mathematical notions and models;
•  Describe clear and structured solutions to  mathematical problems;
•  Solve constrained and unconstrained optimisation problems of multivariate functions;
•  Use knowledge of limits, logarithmic and exponential functions, and integration.

Content

PPE students and Liberal Arts and Sciences students are free to enrol in the course. Minor Economics students who are enrolled for a minor Economics in order to prepare for a master’s application at U.S.E. should send their request to the Student Information Desk Economics (studentdesk.use@uu.nl).

Mathematics is an essential course for economists, who specify, analyse and quantify relationships among economic variables. Think, for example, about the relationship between prices and quantities, or between national income and consumption. In doing so, economists use verbal, statistical, graphical, and mathematical tools. Mathematics will focus on the last two tools. Together with verbal ability, an economist should possess all these tools, which are essential in all of the follow-up courses.

The course will focus on many mathematical issues important for economists: optimisation of two-variable functions, constrained optimisation, implicit relations, limits, graph-sketching, and evaluating integrals. To be able to solve these problems, you have to know how to solve systems of equations, how to differentiate (partial and higher order) and how to simplify complex functions and equations. Students who lack the prerequisite knowledge will be able to watch prerequisite videos and will be provided with exercises to practice on.

Academic skills
This course focuses on the following analytical skill:

• Problem solving (identifying the problem, devising a path towards the solution, following this path, verifying the outcome) for specific questions. 

Format 
One set of pre-recorded knowledge videos to be watched before the lecture, and two tutorials of two hours (group size 25-30 students) per week. Students should prepare the problems for both tutorials in advance. 
 
The academic skill problem-solving at level one will be dealt with explicitly from the first week by practising exercises in tutorials. This skill will also be part of several follow-up courses.

Assessment method

• Weekly quizzes in the second tutorial (5%)
• Midterm exam (20%)
• Endterm exam (75%)

See the course manual for information on the supplementary and replacement retake exam.

All exams are closed-book examinations, and the use of a graphical calculator is not allowed at the exam. Only specific models of calculators are allowed to be used in the exams (see Academic policies and procedures on the student website).

Effort requirements
Students must demonstrate that they have carefully prepared homework assignments by submitting at least 80% of their solutions to selected exercises before the start of each tutorial.

Course repeaters
Course repeaters must fulfil the regular effort requirements for this course.


In case online access is required for this course and you are not in a position to buy the access code, you are advised to contact the course coordinator for an alternative solution. Please note that access codes are not reusable meaning that codes from second-hand books do not work, as well as access codes from books with a different ISBN. Separate or spare codes are usually not available.